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Multiple Choice Quiz
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1
An instrument payable "when the next full moon appears in London, England" is _____.
A)payable at a definite time
B)not payable a t a definite time
C)not enforceable
D)void
2
An instrument payable "to left-handed citizens of Dover, Delaware who are over age sixty" _____.
A)is payable to order
B)is not payable to order
C)is payable to order and bearer
D)is payable to order, bearer, and the city of Dover, Delaware
3
"IOU $1,000" is _____.
A)not a promise to pay
B)not an order to pay
C)neither a promise nor an order to pay
D)negotiable since it acknowledges its debt
4
An instrument that states that it is "subject to a home improvement contract between Jones and Vangard Co." is _____.
A)conditional
B)unconditional
C)conditional unless the amount is less that $1,500
D)unconditional unless and copy of the contract is attached
5
In order to be negotiable an instrument cannot be written _____.
A)in pencil
B)with a marker
C)with a red pen
D)on ice
6
A holder is a person who is in possession of a negotiable instrument that is _____.
A)issued or indorsed to that person's order
B)issued or indorsed to bearer
C)issued or indorsed to that person's order or issued or indorsed to bearer
D)written so that a bank is the drawee
7
If an instrument is conditional it is _____.
A)negotiable
B)a simple contract
C)void
D)unenforceable
8
An instrument that is "payable on June 6, 2066" is _____.
A)too distant in time to be negotiable
B)lacking in definiteness
C)unenforceable
D)payable at a definite time
9
Article 3 of the UCC was revised in _____.
A)1980
B)1985
C)1990
D)1995
10
A CD is repaid by _____.
A)a bank
B)the customer of a bank
C)the bearer
D)government





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